UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended March 31, 2010
 or
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For
the transition period from

to
 Commission File number: 0-33311
 CAMPBELL ALTERNATIVE ASSET TRUST
  Delaware
    
    52-1823554(State of Organization)
    
    (IRS Employer Identification Number)
 (Address of principal
executive offices, including zip code)
 (Registrants
telephone number, including area code)
 þ o
 þ o
  Large accelerate filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Smaller reporting company þ
 o þ




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Schedules of Investments as of March 31, 2010 (Unaudited) and December 31, 2009
    
    
    3-6Statements of Financial Condition as of March 31, 2010 (Unaudited) and December 31, 2009
    
    
    7Statements of Operations for the Three Months Ended March 31, 2010 and 2009 (Unaudited)
    
    
    8Statements of Cash Flows for the Three Months Ended March 31, 2010 and 2009 (Unaudited)
    
    
    9Statements of Changes in Unitholders Capital (Net Asset Value) for the Three Months Ended March 31, 2010 and 2009 (Unaudited)
    
    
    10Financial Highlights for the Three Months Ended March 31, 2010 and 2009 (Unaudited)
    
    
    11Notes to Financial Statements (Unaudited)
    
    
    12-17Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    18-23Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    23-29Item 4T. Controls and Procedures
    
    
    29PART II  OTHER INFORMATION
    
    
    30Item 6. Exhibits and Reports on Form 8-K
    
    
    30SIGNATURES
    
    
    31CERTIFICATIONS
  2




---



##### 



FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsAustraliaFinancials
(cost $900,000)
    
    $
    899,892
    
    
    
    3.20
    %CanadaFinancials
(cost $900,000)
    
    $
    900,288
    
    
    
    3.20
    %NetherlandsFinancials
(cost $1,000,051)
    
    $
    1,000,000
    
    
    
    3.56
    %Total
Bank Deposits (cost $2,800,051)
    
    $
    2,800,180
    
    
    
    9.96
    %Commercial PaperUnited StatesConsumer Discretionary
    
    $
    3,009,496
    
    
    
    10.71
    %Consumer Staples
    
    $
    2,523,645
    
    
    
    8.98
    %Industrials
    
    $
    398,021
    
    
    
    1.42
    %Municipal
    
    $
    4,106,184
    
    
    
    14.61
    %Utilities
    
    $
    999,907
    
    
    
    3.56
    %Total United States(cost $11,035,845)
    
    $
    11,037,253
    
    
    
    39.28
    %Corporate BondsUnited StatesFinancials
(cost $2,476,768)
    
    $
    2,478,522
    
    
    
    8.82
    %Government And Agency ObligationsUnited StatesUS Government AgencyFederal National Mortgage Association$
    1,000,000
    
    
    Due 05/27/2011
    
    $
    1,000,170
    
    
    
    3.56
    %Federal National Mortgage Association$
    1,000,000
    
    
    Due 09/20/2010
    
    $
    998,853
    
    
    
    3.55
    %US Government Agency
    
    $
    1,789,817
    
    
    
    6.37
    %US Treasury BillU.S. Treasury Bills *$
    5,000,000
    
    
    Due 04/01/2010
    
    $
    5,000,000
    
    
    
    17.79
    %U.S. Treasury Bills *$
    2,100,000
    
    
    Due 04/22/2010
    
    $
    2,099,871
    
    
    
    7.47
    %Total United States(cost $10,888,711)
    
    $
    10,888,711
    
    
    
    38.74
    %Short Term Investment FundsUnited StatesShort Term Investment Funds
(cost $2,509)
    
    $
    2,509
    
    
    
    0.01
    %Total
Fixed Income Securities 
(cost $27,203,884)
    
    $
    27,207,175
    
    
    
    96.81
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgriculture
    
    $
    (799
    )
    
    
    0.00
    %Energy
    
    $
    109,993
    
    
    
    0.39
    %Metals
    
    $
    217,946
    
    
    
    0.78
    %Stock indices
    
    $
    228,983
    
    
    
    0.81
    %Short-term interest rates
    
    $
    78,091
    
    
    
    0.28
    %Long-term interest rates
    
    $
    (95,865
    )
    
    
    (0.34
    )%Total long futures contracts
    
    $
    538,349
    
    
    
    1.92
    %
 See Accompanying Notes to Financial Statements.
 3




---



##### 



SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgriculture
    
    $
    56,114
    
    
    
    0.20
    %Energy
    
    $
    18,720
    
    
    
    0.07
    %Metals
    
    $
    (36,165
    )
    
    
    (0.13
    )%Stock indices
    
    $
    (3,947
    )
    
    
    (0.01
    )%Short-term interest rates
    
    $
    7,642
    
    
    
    0.03
    %Long-term interest rates
    
    $
    53,870
    
    
    
    0.19
    %Total short futures contracts
    
    $
    96,234
    
    
    
    0.35
    %Total futures contracts
    
    $
    634,583
    
    
    
    2.27
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    64,209
    
    
    
    0.23
    %Various short forward currency contracts
    
    $
    (27,757
    )
    
    
    (0.10
    )%Total forward currency contracts
    
    $
    36,452
    
    
    
    0.13
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency
contracts (premiums paid  $59,002)
    
    $
    50,808
    
    
    
    0.18
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency
contracts (premiums received  $21,917)
    
    $
    (16,173
    )
    
    
    (0.06
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 4




---



##### 



FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsUnited StatesFinancials 
(cost $1,100,000)
    
    $
    1,100,627
    
    
    
    3.79
    %Commercial PaperGermanyMaterials 
(cost $588,603)
    
    $
    588,850
    
    
    
    2.03
    %NetherlandsConsumer
Discretionary 
(cost $827,966)
    
    $
    827,971
    
    
    
    2.85
    %United StatesConsumer Discretionary
    
    $
    2,048,923
    
    
    
    7.06
    %Consumer Staples
    
    $
    1,523,579
    
    
    
    5.25
    %Energy
    
    $
    924,969
    
    
    
    3.19
    %Financials
    
    $
    1,708,792
    
    
    
    5.89
    %IndustrialsAvery Dennison Corporation$
    2,290,000
    
    
    Due 01/04/2010
    
    $
    2,289,921
    
    
    
    7.90
    %Municipal
    
    $
    6,549,496
    
    
    
    22.58
    %Telecommunications
    
    $
    382,987
    
    
    
    1.32
    %Total United States(cost $15,424,662)
    
    $
    15,428,667
    
    
    
    53.19
    %Total
Commercial Paper 
(cost $16,841,231)
    
    $
    16,845,488
    
    
    
    58.07
    %Corporate BondsUnited StatesFinancials 
(cost $1,395,877)
    
    $
    1,397,647
    
    
    
    4.82
    %Government And Agency ObligationsUnited StatesUS Government Agency
    
    $
    4,249,147
    
    
    
    14.65
    %US Treasury BillU.S. Treasury Bills *$
    5,000,000
    
    
    Due 04/01/2010
    
    $
    4,999,431
    
    
    
    17.24
    %U.S. Treasury Bills *$
    1,650,000
    
    
    Due 03/25/2010
    
    $
    1,649,753
    
    
    
    5.69
    %Total United States(cost $10,896,184)
    
    $
    10,898,331
    
    
    
    37.58
    %Short Term Investment FundsUnited StatesShort Term
Investment Funds 
(cost $34,246)
    
    $
    34,246
    
    
    
    0.12
    %Total
Fixed Income Securities 
(cost $30,267,538)
    
    $
    30,276,339
    
    
    
    104.38
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgriculture
    
    $
    (3,889
    )
    
    
    (0.01
    )%Energy
    
    $
    18,479
    
    
    
    0.06
    %Long-term interest rates
    
    $
    (252,217
    )
    
    
    (0.87
    )%Metals
    
    $
    163,924
    
    
    
    0.57
    %Short-term interest rates
    
    $
    (100,836
    )
    
    
    (0.35
    )%Stock indices
    
    $
    213,758
    
    
    
    0.74
    %Total long futures contracts
    
    $
    39,219
    
    
    
    0.14
    %
 See Accompanying Notes to Financial Statements.
 5




---



##### 



SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgriculture
    
    $
    838
    
    
    
    0.00
    %Long-term interest rates
    
    $
    11,956
    
    
    
    0.04
    %Metals
    
    $
    (107,732
    )
    
    
    (0.37
    )%Total short futures contracts
    
    $
    (94,938
    )
    
    
    (0.33
    )%Total futures contracts
    
    $
    (55,719
    )
    
    
    (0.19
    )%
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    (1,124,565
    )
    
    
    (3.88
    )%Various short forward currency contracts
    
    $
    859,412
    
    
    
    2.96
    %Total forward currency contracts
    
    $
    (265,153
    )
    
    
    (0.92
    )%
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $70,105)
    
    $
    70,935
    
    
    
    0.24
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $21,883)
    
    $
    (19,069
    )
    
    
    (0.07
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 6




---



##### 



March 31,
    
    
    December 31,2010
    
    
    2009ASSETSEquity in broker trading accountsCash
    
    $
    895,909
    
    
    $
    695,155Fixed income securities
(cost $5,000,000 and $4,999,431, respectively)
    
    
    5,000,000
    
    
    
    4,999,431Net unrealized gain (loss) on open futures contracts
    
    
    634,583
    
    
    
    (55,719
    )Total equity in broker trading accounts
    
    
    6,530,492
    
    
    
    5,638,867Cash
    
    
    293,051
    
    
    
    279,164Fixed income securities
(cost $22,202,807 and $25,268,107, respectively)
    
    
    22,207,175
    
    
    
    25,276,908Options purchased, at fair value
(premiums paid  $59,002 and $70,105, respectively)
    
    
    50,808
    
    
    
    70,935Net unrealized gain (loss) on open forward currency contracts
    
    
    36,452
    
    
    
    (265,153
    )Interest receivable
    
    
    3,874
    
    
    
    7,530Prepaid expenses
    
    
    666
    
    
    
    1,218Total assets
    
    $
    29,122,518
    
    
    $
    31,009,469LIABILITIESAccounts payable
    
    $
    41,112
    
    
    $
    31,880Brokerage fee
    
    
    17,326
    
    
    
    18,138Options written, at fair value
(premiums received  $21,917 and $21,883, respectively)
    
    
    16,173
    
    
    
    19,069Accrued commissions and other trading fees on open contracts
    
    
    7,979
    
    
    
    4,701Offering costs payable
    
    
    5,471
    
    
    
    5,727Redemptions payable
    
    
    932,172
    
    
    
    1,927,892Total liabilities
    
    
    1,020,233
    
    
    
    2,007,407UNITHOLDERS CAPITAL (Net Asset Value)Managing Owner - 1,413.580 redeemable units
outstanding at March 31, 2010 and December 31, 2009
    
    
    2,101,216
    
    
    
    2,173,492Other Unitholders - 17,492.114 and 17,448.570 redeemable units
outstanding at March 31, 2010 and December 31, 2009
    
    
    26,001,069
    
    
    
    26,828,570Total unitholders capital (Net Asset Value)
    
    
    28,102,285
    
    
    
    29,002,062Total liabilities and unitholders capital (Net Asset Value)
    
    $
    29,122,518
    
    
    $
    31,009,469
 See Accompanying Notes to Financial Statements.
 7




---



##### 



Three
Months March Ended 31,2010
    
    
    2009TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    (1,150,240
    )
    
    $
    51,616Change in unrealized
    
    
    690,302
    
    
    
    (113,516
    )Brokerage commissions
    
    
    (19,695
    )
    
    
    (12,848
    )Net gain (loss) from futures trading
    
    
    (479,633
    )
    
    
    (74,748
    )Forward currency and options on forward currency trading gains (losses)Realized
    
    
    (479,481
    )
    
    
    379,810Change in unrealized
    
    
    295,511
    
    
    
    (229,095
    )Brokerage commissions
    
    
    (1,840
    )
    
    
    (824
    )Net gain (loss) from forward currency and options on forward currency trading
    
    
    (185,810
    )
    
    
    149,891Total net trading gain (loss)
    
    
    (665,443
    )
    
    
    75,143NET INVESTMENT INCOME (LOSS)Investment incomeInterest income
    
    
    22,113
    
    
    
    2,478Realized gain (loss) on fixed income securities
    
    
    (858
    )
    
    
    0Change in unrealized gain (loss) on fixed income securities
    
    
    (4,433
    )
    
    
    0Total investment income
    
    
    16,822
    
    
    
    2,478ExpensesBrokerage fee
    
    
    199,626
    
    
    
    259,579Operating expenses
    
    
    23,847
    
    
    
    25,206Total expenses
    
    
    223,473
    
    
    
    284,785Net investment income (loss)
    
    
    (206,651
    )
    
    
    (282,307
    )NET INCOME (LOSS)
    
    $
    (872,094
    )
    
    $
    (207,164
    )NET INCOME (LOSS) PER MANAGING OWNER AND OTHER UNITHOLDERS UNIT
(based on weighted average number of units outstanding during the period)
    
    $
    (45.45
    )
    
    $
    (9.33
    )INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OWNER AND OTHER UNITHOLDERS
UNIT
    
    $
    (51.13
    )
    
    $
    (12.84
    )
 See Accompanying Notes to Financial Statements.
 8




---



##### 



Three Months EndedMarch 31,2010
    
    
    2009Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (872,094
    )
    
    $
    (207,164
    )Adjustments to reconcile net income (loss) to net cash from (for) operating activitiesNet change in unrealized
    
    
    (981,380
    )
    
    
    342,611(Increase) decrease in restricted cash
    
    
    0
    
    
    
    1,180,793(Increase) decrease in option premiums paid
    
    
    11,103
    
    
    
    (403
    )Increase (decrease) in option premiums received
    
    
    34
    
    
    
    (320
    )(Increase) decrease in interest receivable
    
    
    3,656
    
    
    
    351(Increase) decrease in prepaid expenses
    
    
    552
    
    
    
    1,000Increase (decrease) in accounts payable and accrued expenses
    
    
    11,698
    
    
    
    (16,966
    )Purchases of investments in fixed income securities
    
    
    (103,931,256
    )
    
    
    (35,999,155
    )Sales / maturities of investments in fixed income securities
    
    
    106,995,987
    
    
    
    4,850,000Net cash from (for) operating activities
    
    
    1,238,300
    
    
    
    (29,849,253
    )Cash flows from (for) financing activitiesAddition of units
    
    
    1,093,142
    
    
    
    883,085Redemption of units
    
    
    (2,053,506
    )
    
    
    (857,347
    )Offering costs paid
    
    
    (63,295
    )
    
    
    (82,453
    )Net cash from (for) financing activities
    
    
    (1,023,659
    )
    
    
    (56,715
    )Net increase (decrease) in cash
    
    
    214,641
    
    
    
    (29,905,968
    )Unrestricted cashBeginning of period
    
    
    974,319
    
    
    
    34,224,210End of period
    
    $
    1,188,960
    
    
    $
    4,318,242End of period cash consists of:Cash in broker trading accounts
    
    $
    895,909
    
    
    $
    4,066,882Cash
    
    
    293,051
    
    
    
    251,360Total end of period cash
    
    $
    1,188,960
    
    
    $
    4,318,242
 See Accompanying Notes to Financial Statements.
 9




---



##### 



Unitholders CapitalManaging Owner
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountThree Months Ended March 31, 2010Balances at December 31, 2009
    
    
    1,413.580
    
    
    $
    2,173,492
    
    
    
    17,448.570
    
    
    $
    26,828,570
    
    
    
    18,862.150
    
    
    $
    29,002,062Net income (loss) for the three months ended
March 31, 2010
    
    
    
    
    
    
    (67,633
    )
    
    
    
    
    
    
    (804,461
    )
    
    
    
    
    
    
    (872,094
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    758.588
    
    
    
    1,093,142
    
    
    
    758.588
    
    
    
    1,093,142Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (715.044
    )
    
    
    (1,057,786
    )
    
    
    (715.044
    )
    
    
    (1,057,786
    )Offering costs
    
    
    
    
    
    
    (4,643
    )
    
    
    
    
    
    
    (58,396
    )
    
    
    
    
    
    
    (63,039
    )Balances at March 31, 2010
    
    
    1,413.580
    
    
    $
    2,101,216
    
    
    
    17,492.114
    
    
    $
    26,001,069
    
    
    
    18,905.694
    
    
    $
    28,102,285Three Months Ended March 31, 2009Balances at December 31, 2008
    
    
    1,413.580
    
    
    $
    2,306,948
    
    
    
    20,544.542
    
    
    $
    33,528,535
    
    
    
    21,958.122
    
    
    $
    35,835,483Net income (loss) for the three months ended
March 31, 2009
    
    
    
    
    
    
    (12,931
    )
    
    
    
    
    
    
    (194,233
    )
    
    
    
    
    
    
    (207,164
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    539.143
    
    
    
    883,085
    
    
    
    539.143
    
    
    
    883,085Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (463.512
    )
    
    
    (753,578
    )
    
    
    (463.512
    )
    
    
    (753,578
    )Offering costs
    
    
    
    
    
    
    (5,219
    )
    
    
    
    
    
    
    (76,753
    )
    
    
    
    
    
    
    (81,972
    )Balances at March 31, 2009
    
    
    1,413.580
    
    
    $
    2,288,798
    
    
    
    20,620.173
    
    
    $
    33,387,056
    
    
    
    22,033.753
    
    
    $
    35,675,854
 Net Asset Value per Managing Owner and Other Unitholders UnitMarch 31, 2010
    
    December 31, 2009
    
    March 31, 2009
    
    December 31, 2008$1,486.45
    
    $1,537.58
    
    $1,619.15
    
    $1,631.99
 See Accompanying Notes to Financial Statements.
 10




---



##### 



Three Months EndedMarch 31,2010
    
    
    2009Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    1,537.58
    
    
    $
    1,631.99Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    (37.07
    )
    
    
    3.57Net investment income (loss) (1)
    
    
    (10.77
    )
    
    
    (12.72
    )Total net income (loss) from operations
    
    
    (47.84
    )
    
    
    (9.15
    )Offering costs (1)
    
    
    (3.29
    )
    
    
    (3.69
    )Net asset value per unit at end of period
    
    $
    1,486.45
    
    
    $
    1,619.15Total Return(3)
    
    
    (3.33
    )%
    
    
    (0.79
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    3.15
    %
    
    
    3.13
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    3.15
    %
    
    
    3.13
    %Net investment income (loss) (2),(4)
    
    
    (2.91
    )%
    
    
    (3.11
    )%
 Total returns are calculated based on the change in value of a unit during the period. An
individual unitholderss total returns and ratios may vary from the above total returns and ratios
based on the timing of additions and redemptions.
 
 (1)
    
    Net investment income (loss) per unit and offering costs per unit are calculated by
dividing the net investment income (loss) and offering costs by the average number of units
outstanding during the period. Total net trading gains (losses) is a balancing amount
necessary to reconcile the change in net asset value per unit with the other per unit
information.(2)
    
    Excludes performance fee.(3)
    
    Not annualized(4)
    
    Annualized See Accompanying Notes to Financial Statements.
 11




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##### 



Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the TrustCampbell Alternative Asset Trust (the Trust) is a Delaware statutory trust which operates as a
commodity investment pool. The Trust was formed on May 3, 2000 and commenced trading on
October 1, 2001. The Trust engages in the speculative trading of futures contracts,
forward currency contracts and options on forward currency contracts.As of December 31, 2002, units are no longer offered to the public, but are offered
exclusively for sale to the Campbell & Company, Inc. 401(K) Plan (the 401(K) Plan). At March
31, 2010 and December 31, 2009, the 401(K) Plan held approximately 75% and 74% of the Trusts
outstanding units, respectively.B.
    
    RegulationAs a registrant with the Securities and Exchange Commission, the Trust is subject to the
regulatory requirements under the Securities Act of 1933 and the Securities Exchange Act of
1934. As a commodity investment pool, the Trust is subject to the regulations of the Commodity
Futures Trading Commission, an agency of the United States (U.S.) government which regulates
most aspects of the commodity futures industry; rules of the National Futures Association, an
industry self-regulatory organization; and the requirements of the various commodity exchanges
where the Trust executes transactions. Additionally, the Trust is subject to the requirements
of futures commission merchants (brokers) and interbank market makers through which the Trust
trades.C.
    
    Method of ReportingThe Trusts financial statements are presented in accordance with accounting principles
generally accepted in the United States of America,
which may require the use of certain estimates made by the Trusts management. Actual results
may differ from these estimates. Investment
transactions are accounted for on the trade date. Gains or losses are realized when contracts
are liquidated. Unrealized gains and losses on
open contracts (the difference between contract trade price and market price) are reported in
the statement of financial condition as a net gain or loss, as there exists a right of offset
of unrealized gains or losses in accordance with Financial Accounting Standards Board (FASB)
Accounting Standards Codification (ASC) 210-20, Offsetting  Balance Sheet, (formerly FAS No.
39  Offsetting of Amounts Related to Certain Contracts). The fair value of futures
(exchange-traded) contracts is determined by the various futures exchanges, and reflects the
settlement price for each contract as of the close on the last business day of the reporting
period. The fair value of forward currency (non-exchange traded) contracts was extrapolated on
a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) on the last business day of
the reporting period.The fair value of option (non-exchange traded) contracts is calculated by applying an
industry-standard adaptation of the Black-Scholes options valuation model to foreign currency
options, using as input, the spot prices, interest rates and option implied volatilities
quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period. Any change in
net unrealized gain or loss from the preceding period is reported in the statement of
operations.When the Trust writes an option, an amount equal to the premium received by the Trust is
reflected as an asset and an equivalent liability. The amount of the liability is subsequently
marked-to-market to reflect the current fair value of option written. Brokerage commissions
include other trading fees and are charged to expense when contracts are opened.The fixed income investments, other than U.S. Treasury bills held at the brokers or interbank
market makers, are marked-to-market on the last business day of the reporting period by a
custodian who utilizes a third party vendor hierarchy of pricing providers who specialize in
such markets. The prices furnished by the providers consider the yield or price of bonds of
comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make
markets in such securities. U.S. Treasury bills not held by the custodian are stated at cost
plus accrued
interest, which approximates fair value. Premiums and discounts on debt securities are
amortized for financial reporting purposes.For purposes of both financial reporting and calculation of redemption value, Net Asset Value
per unit is calculated by dividing Net Asset Value by the number of outstanding units.The Trust adopted the provisions of ASC 820, Fair Value Measurements and Disclosures (formerly
FASB No. 157, Fair Value Measurements), as of January 1, 2008. ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation
techniques used to measure fair value. ASC 820 defines fair value as the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation
techniques used to measure fair value into three broad
levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in
active markets for identical assets or liabilities
(Level 1) and the lowest priority to unobservable inputs (Level 3).Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or
liabilities that the Trust has the ability to access at the measurement date. An active market
for the asset or liability is a market in which transactions for the asset or liability occur
with sufficient frequency and volume to provide pricing information on an ongoing basis. The
value of the Trusts exchange-traded futures contracts fall into
this category.Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly.
This category includes forward currency contracts and options on forward currency contracts
that the Trust values using models or other valuation methodologies derived from observable
market data. This category also includes fixed income investments.
 12




---



##### 



Level 3 inputs are unobservable inputs for an asset or liability (including the Funds own
assumptions used in determining the fair value of investments). Unobservable inputs shall be
used to measure fair value to the extent that observable inputs are not available, thereby
allowing for situations in which there is little, if any, market activity for the asset or
liability at the measurement date. As of and for the period ended March 31, 2010, the Trust did
not have any Level 3 assets or liabilities.In January 2010, the FASB issued Accounting Standards update No. 2010-06 (ASU 2010-06) for
improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure
requirements about transfers into and out of Levels 1 and 2 and separate disclosures about
purchases, sales, issuances and settlements in the reconciliation for fair value measurements
using significant unobservable inputs (Level 3).
It also clarifies existing disclosure requirements relating to the levels of disaggregation for
fair value measurement and inputs and valuation techniques used to measure fair value. As of
January 1, 2010, the Trust adopted the provisions of ASC 2010-06 except for disclosures about
purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair
value measurements, which are effective for fiscal years beginning after December 15, 2010 and
for interim periods within those fiscal years.The following tables set forth by level within the fair value hierarchy the Trusts investments
accounted for at fair value on a recurring basis as
of March 31, 2010 and December 31, 2009.
 Fair Value at March 31, 2010Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    27,207,175
    
    
    $
    0
    
    
    $
    27,207,175Other Financial InstrumentsExchange-traded futures contracts
    
    
    634,583
    
    
    
    0
    
    
    
    0
    
    
    
    634,583Forward currency contracts
    
    
    0
    
    
    
    36,452
    
    
    
    0
    
    
    
    36,452Options purchased
    
    
    0
    
    
    
    50,808
    
    
    
    0
    
    
    
    50,808Options written
    
    
    0
    
    
    
    (16,173
    )
    
    
    0
    
    
    
    (16,173
    )Total
    
    $
    634,583
    
    
    $
    27,278,262
    
    
    $
    0
    
    
    $
    27,912,845
 Fair Value at December 31, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    30,276,339
    
    
    $
    0
    
    
    $
    30,276,339Other Financial InstrumentsExchange-traded futures contracts
    
    
    (55,719
    )
    
    
    0
    
    
    
    0
    
    
    
    (55,719
    )Forward currency contracts
    
    
    0
    
    
    
    (265,153
    )
    
    
    0
    
    
    
    (265,153
    )Options purchased
    
    
    0
    
    
    
    70,935
    
    
    
    0
    
    
    
    70,935Options written
    
    
    0
    
    
    
    (19,069
    )
    
    
    0
    
    
    
    (19,069
    )Total
    
    $
    (55,719
    )
    
    $
    30,063,052
    
    
    $
    0
    
    
    $
    30,007,333
 D.
    
    Income TaxesThe Trust prepares calendar year U.S. federal and applicable state information tax returns and
reports to the unitholders their allocable shares of the Trusts income, expenses and trading
gains or losses. No provision for income taxes has been made in the accompanying financial
statements as each unitholder is individually responsible for reporting income or loss based on
such unitholders respective share of the Trusts income and expenses as reported for income
tax purposes.Management has continued to evaluate the application of ASC 740, Income Taxes (formerly FIN No.
48, Accounting for Uncertainty in Income Taxes) to the Trust, and has determined that no
reserves for uncertain tax positions were required. The Trust files federal and state tax
returns. The 2006 through 2009 tax years generally remain subject to examination by the U.S.
federal and most state tax authorities.
 13




---



##### 



E.
    
    Offering CostsCampbell & Company, Inc. (Campbell & Company) has incurred all costs in connection with the
initial and continuous offering of units of
the Trust (offering costs). Offering costs are charged to the Trust at a monthly rate of 1/12
of 0.9% (0.9% annualized) of the Trusts month-end net asset value (as defined in the Amended
and Restated Declaration of Trust and Trust Agreement) until such amounts are fully
reimbursed. Such amounts are charged directly to unitholders capital. The Trust is only
liable for payment of offering costs on a monthly basis. At March 31, 2010 and December 31,
2009, the Trust reflects a liability in the statement of financial condition for offering
costs payable to Campbell & Company of $5,471 and $5,727, respectively.The offering costs for which Campbell & Company are being reimbursed relate to the offering of
units of the Trust to all unitholders except the 401(K) Plan. Therefore, Campbell & Company
rebates to the 401(K) Plan the offering costs charged to the 401(K) Plan. All such rebates are
made by issuing additional units to the 401(K) Plan.If the Trust terminates prior to completion of payment to Campbell & Company for the
unreimbursed offering costs incurred through the date of such termination, Campbell & Company
will not be entitled to any additional payments, and the Trust will have no further obligation
to Campbell & Company. At March 31, 2010 and December 31, 2009, the amount of unreimbursed
offering costs incurred by Campbell & Company is $8,766 and $25,094, respectively.F.
    
    Foreign Currency TransactionsThe Trusts functional currency is the U.S. dollar; however, it transacts business in
currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other
than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of
the statement of financial condition. Income and expense items denominated in currencies other
than the U.S. dollar are translated into U.S. dollars at the rates in effect during the
period. Gains and losses resulting from the translation to U.S. dollars are reported in
income.G.
    
    ReclassificationCertain prior period amounts in the Statement of Cash Flows
were reclassified to conform to current period presentation.
 Note 2. MANAGING OWNER AND COMMODITY TRADING ADVISOR
 The managing owner of the Trust is Campbell & Company, which conducts and manages the
business of the Trust. Campbell & Company is also the commodity trading advisor of the Trust.
The Amended and Restated Declaration of Trust and Trust Agreement requires Campbell & Company
to maintain a capital account equal to 1% of the total capital accounts of the Trust.
Additionally, Campbell & Company is required by the Amended and Restated Declaration of Trust
and Trust Agreement to maintain a net worth of not less than $1,000,000.The Trust pays a monthly brokerage fee of 1/12 of 2.85% (2.85% annualized) of month-end net
assets to Campbell & Company and approximately $4 per round turn to the broker for execution
and clearing costs. Such costs are limited to 3.5% of average month-end net assets per year.
From the 2.85% fee, a portion (0.35%) is used to compensate selling agents for administrative
services and a portion (2.5%) is retained by Campbell & Company for trading and management
services rendered.Campbell & Company is also paid a performance fee equal to 20% of New Appreciation (as
defined) calculated as of the end of each calendar quarter and upon redemption of units. More
specifically, the performance fee is paid on the cumulative increase, if any, in the Net
Asset Value per Unit over the highest previous cumulative Net Asset Value per Unit (commonly
referred to as a High Water Mark) adjusting for investment income. In determining the
brokerage and performance fees, adjustments shall be made for capital additions and
withdrawals and Net Assets shall not be reduced by the fees being calculated for such current
period. The performance fee is not subject to
any clawback provisions. The brokerage fee and performance fee are typically paid in the
month following the month in which they are earned. The brokerage fee and performance fee are
paid from the available cash at the Trusts bank, broker or cash management accounts.Campbell & Company rebates to the 401(K) Plan the brokerage fee and the performance fee
applicable to the 401(K) Plan. All such rebates
are made by issuing additional units to the 401(K) Plan.
 Note 3. TRUSTEE
 The trustee of the Trust is U.S. Bank National Association, a national banking corporation.
The trustee has delegated to the managing operator the duty and authority to manage the
business and affairs of the Trust and has only nominal duties and liabilities with respect to
the
Trust.
 Note 4. CASH MANAGER AND CUSTODIAN
 The Trust has appointed Wilmington Trust Investment Management LLC, a wholly owned subsidiary
of Wilmington Trust Corporation, as cash manager under the Non-Custody Investment Advisory
Agreement dated July 8, 2009, to manage and control the liquid assets of the Trust. The cash
manager is registered as an investment adviser with the Securities and Exchange Commission of
the United States under the Investment Advisers Act of 1940.The Trust opened a custodial account at The Northern Trust Company (the custodian) and has
granted the cash manager authority to make certain investments on behalf of the Trust
provided such investments are consistent with the investment guidelines created by the
managing operator. All securities purchased by the cash manager on behalf of the Trust will
be held in its custody account at the custodian. The cash manager will have no beneficial or
other interest in the securities and cash in such custody account. The cash manager began
trading on behalf of the Trust in August 2009.
 14




---



##### 



Note 5. DEPOSITS WITH BROKER
  Note 6. OPERATING EXPENSES
  Note 7. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
   Note 8. TRADING ACTIVITIES AND RELATED RISKS
       15




---



##### 



Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)March 31, 2010
    
    
    December 31, 2009
    
    
    March 31, 2010
    
    
    December 31, 2009Gross unrealized gains
    
    $
    862,753
    
    
    $
    529,851
    
    
    $
    940,584
    
    
    $
    1,199,815Gross unrealized losses
    
    
    (228,169
    )
    
    
    (585,570
    )
    
    
    (906,586
    )
    
    
    (1,461,324
    )Net
unrealized gain (loss)
    
    $
    634,584
    
    
    $
    (55,719
    )
    
    $
    33,998
    
    
    $
    (261,509
    )
    Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    March 31, 2010
    
    
    March 31, 2010Type of Instrument *
    

Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    73,092
    
    
    $
    (17,777
    )
    
    $
    55,315Energy Contracts
    
    Equity in broker trading accounts
    
    
    128,713
    
    
    
    0
    
    
    
    128,713Metal Contracts
    
    Equity in broker trading accounts
    
    
    218,262
    
    
    
    (36,481
    )
    
    
    181,781Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    251,195
    
    
    
    (26,159
    )
    
    
    225,036Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    103,739
    
    
    
    (18,005
    )
    
    
    85,734Long-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    87,751
    
    
    
    (129,746
    )
    
    
    (41,995
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on open forward currency contracts
    
    
    921,177
    
    
    
    (884,725
    )
    
    
    36,452Purchased Options on Forward Currency
Contracts
    
    Options purchased, at fair value
    
    
    50,808
    
    
    
    0
    
    
    
    50,808Written Options on Forward Currency
Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (16,173
    )
    
    
    (16,173
    )Totals
    
    
    
    $
    1,834,737
    
    
    $
    (1,129,066
    )
    
    $
    705,671
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 Asset Derivatives
    
    
    Liabilityat December 31,
    
    
    Derivatives atStatement of Financial
    
    2009
    
    
    December 31, 2009Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    12,155
    
    
    $
    (15,206
    )
    
    $
    (3,051
    )Energy Contracts
    
    Equity in broker trading accounts
    
    
    19,804
    
    
    
    (1,325
    )
    
    
    18,479Metal Contracts
    
    Equity in broker trading accounts
    
    
    223,512
    
    
    
    (167,320
    )
    
    
    56,192Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    231,004
    
    
    
    (17,246
    )
    
    
    213,758Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    0
    
    
    
    (100,836
    )
    
    
    (100,836
    )Long-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    43,376
    
    
    
    (283,637
    )
    
    
    (240,261
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on open forward currency contracts
    
    
    1,170,194
    
    
    
    (1,435,347
    )
    
    
    (265,153
    )Purchased Options on Forward Currency
Contracts
    
    Options purchased, at fair value
    
    
    70,935
    
    
    
    0
    
    
    
    70,935Written Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (19,069
    )
    
    
    (19,069
    )Totals
    
    
    
    $
    1,770,980
    
    
    $
    (2,039,986
    )
    
    $
    (269,006
    )
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 16




---



##### 



Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Three Months EndedType of Instrument
    
    March 31, 2010
    
    
    March 31, 2009Agricultural Contracts
    
    $
    7,142
    
    
    $
    0Energy Contracts
    
    
    (214,491
    )
    
    
    (30,032
    )Metal Contracts
    
    
    (192,929
    )
    
    
    (196,328
    )Stock Indices Contracts
    
    
    (553,826
    )
    
    
    (288,215
    )Short-Term Interest Rate Contracts
    
    
    856,726
    
    
    
    268,275Long Term Interest Rate Contracts
    
    
    (358,642
    )
    
    
    188,785Forward Currency Contracts
    
    
    (41,619
    )
    
    
    (64,267
    )Purchased Options on Forward Currency Contracts
    
    
    (314,684
    )
    
    
    (73,060
    )Written Options on Forward Currency Contracts
    
    
    172,334
    
    
    
    288,042Total
    
    $
    (639,989
    )
    
    $
    93,200
 Trading Revenue for
    
    
    Trading Revenue forthe Three Months
    
    
    the Three MonthsEnded March 31,
    
    
    EndedLine Item in the Statement of Operations
    
    2010
    
    
    March 31, 2009Futures trading gains (losses):Realized
    
    $
    (1,464,321
    )
    
    $
    56,001Change in unrealized
    
    
    690,302
    
    
    
    (113,516
    )Forward currency and options on forward currency trading gains (losses):Realized
    
    
    (479,481
    )
    
    
    379,810Change in unrealized
    
    
    295,511
    
    
    
    (229,095
    )Total
    
    $
    (639,989
    )
    
    $
    93,200
     Note 9. INDEMNIFICATIONS
  Note 10. INTERIM FINANCIAL STATEMENTS
  Note 11. SUBSEQUENT EVENTS
  17




---



##### 



Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Introduction
   Critical Accounting Policies
   Capital Resources
   -18-




---



##### 



Liquidity
      -19-




---



##### 



Off-Balance Sheet Risk
    Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts Accounted
for at Fair Value
  -20-




---



##### 



Results of Operations
  2010
  Sector
    
    % Gain (Loss)Interest Rates
    
    1.73%Currencies
    
    (0.60)Commodities
    
    (1.43)Stock Indices
    
    (2.01)(2.31)%
   -21-




---



##### 



2009
  Sector
    
    % Gain (Loss)Interest Rates
    
    1.23%Currencies
    
    0.42Commodities
    
    (0.61)Stock Indices
    
    (0.79)0.25%
  -22-




---



##### 



Item 3. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    Standard of Materiality
  -23-




---



##### 



Quantifying the Trusts Trading Value at Risk
 Quantitative Forward-Looking Statements
 The following quantitative disclosures regarding the Trusts market risk exposures contain
forward-looking statements within the meaning of the safe harbor from civil liability provided
for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). All
quantitative disclosures in this section are deemed to be forward-looking statements for purposes
of the safe harbor, except for statements of historical fact (such as the dollar amount of
maintenance margin required for market risk sensitive instruments held at the end of the reporting
period).
        -24-




---



##### 



The Trusts Trading Value at Risk in Different Market Sectors
  March 31, 2010TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Interest Rates
    
    0.62%
    
    1.73%Stock Indices
    
    0.60%
    
    (2.01)%Commodities
    
    0.54%
    
    (1.43)%Currencies
    
    0.52%
    
    (0.60)%Aggregate/Total
    
    1.65%
    
    (2.31)%
 
 *
    
    -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Trusts open positions
across all market sectors, and is less than the sum of the VaRs for all such market sectors due to
the diversification benefit across asset classes.**
    
    -Of the 2010 year-to-date decrease of (3.33)%, approximately (1.08)% was due to brokerage fees,
operating costs and offering costs borne by the Trust, approximately (2.31)% was due to trading
losses (before commissions) and approximately 0.06% was offset by investment income. December 31, 2009TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    0.90%
    
    3.41%Interest Rates
    
    0.68%
    
    (4.15)%Stock Indices
    
    0.45%
    
    (0.68)%Commodities
    
    0.41%
    
    (0.32)%Aggregate/Total
    
    1.62%
    
    (1.74)%
 
 *
    
    - The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Trusts open positions
across all market sectors, and is less than the sum of the VaRs for all such market sectors due to
the diversification benefit across asset classes.**
    
    -Of the return for the year ended December 31, 2009, approximately (1.74)% was due to trading
losses (before commissions) and approximately 0.15% due to investment income offset by approximately (4.19)% due to brokerage fees, operating costs and offering costs borne by the Trust
offset by giving a net return of (5.78)%. -25-




---



##### 



Material Limitations of Value at Risk as an Assessment of Market Risk
  1)
    
    Past changes in market risk factors will not always result in accurate predictions of the
distributions and correlations of future market movements;2)
    
    Changes in portfolio value caused by market movements may differ from those of the VaR model;3)
    
    VaR results reflect past trading positions while future risk depends on future positions;4)
    
    VaR using a one day time horizon does not fully capture the market risk of positions that
cannot be liquidated or hedged within one day; and5)
    
    The historical market risk factor data for VaR estimation may provide only limited insight
into losses that could be incurred under certain unusual market movements.
  Non-Trading Risk
  Qualitative Disclosures Regarding Primary Trading Risk Exposures
 The following qualitative disclosures regarding the Trusts market risk exposures  except for (i)
those disclosures that are statements of historical fact and (ii) the descriptions of how the Trust
manages its primary market risk exposures  constitute forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. The
Trusts primary market risk exposures as well as the strategies used and to be used by Campbell &
Company for managing such exposures are subject to numerous uncertainties, contingencies and risks,
any one of which could cause the actual results of the Trusts risk controls to differ materially
from the objectives of such strategies.
Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant
fundamental factors, political upheavals, changes in historical price relationships, an influx of
new market participants, increased regulation and many other factors could result in material
losses as well as in material changes to the risk exposures and the risk management strategies of
the Trust. There can be no assurance that the Trusts current market exposure and/or risk
management strategies will not change materially or that any such strategies will be effective in
either the short- or long-term. Investors must be prepared to lose all or substantially all of
their investment in the Trust.
 -26-




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Currencies
 i.e.,
 Interest Rates
  Stock Indices
  Energy
  Metals
  Agricultural
  -27-




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Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Fixed Income Securities
  Treasury Bill Positions Held for Margin Purposes
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   -28-




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General
  
 Item 4T. Controls and Procedures
  -29-




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PART II-OTHER INFORMATION
 Item 1.
    
    Legal Proceedings.
  Item 2.
    
    Changes in Securities and Use of Proceeds
  Item 3.
    
    Defaults Upon Senior Securities
  Item 4.
    
    Submissions of Matters to a vote of Security Holders.
  Item 5.
    
    Other Information
  
 Item 6.
    
    Exhibits and Reports on Form 8-K.
  ExhibitNumber
    
    Description of Document31.01
    
    Certification of Theresa D. Becks, Chief Executive Officer, pursuant to
Rules 13a-14 and 15d-14 of the Securites Exchange Act of 1934.31.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securites Exchange Act of 1934.32.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.32.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.
   -30-




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SIGNATURES
  CAMPBELL ALTERNATIVE ASSET TRUST
(Registrant)By:
    Campbell & Company, Inc.Managing OwnerBy:

/s/ Theresa D. BecksTheresa D. BecksChief Executive Officer 
Date: May 17, 2010 -31-




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EXHIBIT INDEX
 PageExhibit Number
    
    Description of Document
    
    Number31.01
    
    Certification by Chief Executive Officer
    
    E 231.02
    
    Certification by Chief Financial Officer
    
    E 332.01
    
    Certification by Chief Executive Officer
    
    E 432.02
    
    Certification by Chief Financial Officer
    
    E 5
 -E 1-